withholding tax

  1. Outrage as Nigerian Banks Deduct 10% Tax on Savings Interest

    Nigeria Outrage as Nigerian Banks Deduct 10% Tax on Savings Interest

    The Digest: A wave of public frustration has followed the deduction of a 10% Withholding Tax (WHT) on interest earned from savings and short-term investments by some Nigerian banks, particularly fintechs. While the Federal Inland Revenue Service (now Nigeria Inland Revenue) directed this...
  2. Banks Begin 10% Withholding Tax on Foreign Currency Deposit Interest

    Nigeria Banks Begin 10% Withholding Tax on Foreign Currency Deposit Interest

    The Digest: Nigerian banks will commence deducting a 10 percent withholding tax on interest earned from foreign currency deposits starting January 1, 2026, in line with new fiscal reforms. The policy, announced to customers by institutions such as Access Bank, expands the government’s revenue...
    • Nigeria News
    • Article
    • 1 min read
    • nigeria tax act 2025 tax reforms withholding tax
    • Category: Business
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